Post-Memorial Day surge sends gas prices higher ahead of the July 4 travel weekend, but greatest hike could be further on the horizon.

us gas price average nears $5.00 a gallon
SOPA ImagesGetty Images

  • National gasoline price average rose to $4.94 a gallon on June 7, according to AAA, after reaching $4.62 during the Memorial Day weekend.
  • Industry watchers disagree on when the national average will reach the $5.00 mark, though over a dozen states have already surpassed this price individually.
  • A higher price for Brent crude is still expected to materialize later this year that could top the momentary March 2022 highs, remaining for a longer sustained period.

    Just over a week ago, during the busy Memorial Day travel weekend, the national average gas price reached $4.62 a gallon, with some experts predicting it could top $5.00 a gallon by July 4. This milestone now appears likely to be reached much sooner than expected, with the national average having reached $4.94 a gallon today. This represents an almost $2.00 hike compared to this time in 2021, and is over 60 cents higher than merely a month ago.

    Of course, in the days since Memorial Day weekend, which had traditionally been the peak summer travel holiday, not all states saw uniform increases in price. AAA notes that Michigan saw the highest weekly hike within the past week, with the average price in the state growing by 45 cents. Illinois and Indiana were not far behind with a hike of 41 cents, while Wisconsin and Ohio saw weekly increases of 39 and 38 cents, respectively.

    In all, over a dozen states have already broken through the $5.00 mark.

    California is still the absolute leader with a statewide average of $6.34, according to AAA, with individual gas stations now asking north of $8.00 a gallon in some counties, especially around the Bay Area. Nevada has managed to edge out Hawaii for the runner-up position, now seeing a $5.49 average, with the Pacific island state not far behind in third place with a $5.47 average. Pacific coast states Oregon and Washington now average $5.41 and $5.40 a gallon, respectively.

    Does a $5.00 national average now seem like a best-case scenario by July 4?

    “People are still fueling up, despite these high prices,” said Andrew Gross, AAA spokesperson. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”

    us gas price average nears $5.00 a gallon

    Individual states had broken through the $5.00 barrier a long time ago.

    Mel MelconGetty Images

    Oil industry expert Patrick De Haan cautioned on Twitter that a $5.00 national average may not be as close as it seems at the moment, indicating that gasoline markets could back off the post-Memorial Day increases before the next big holiday rolls around. De Haan also said the Chicagoland area, including northern Indiana and Milwaukee, could soon see some relief from the recent records.

    “Memorial Day was bad enough, even though we didn’t drive all that far,” a family from Rhode Island told Autoweek. “We usually drive down to see our folks in Maryland for the 4th. We’re still planning to do it but it’s going to be ugly.”

    Oil prices between July and the end of September are now expected to reach levels higher than were forecast just weeks ago, though there is some disagreement among experts and institutions on the duration of the predicted spike. Brent crude, which is now trading just below the $120 mark, could top $140 during the summer months, with some analysts forecasting $150.

    us gas price average nears $5.00 a gallon

    Gas prices in individual cities have trended higher than in other parts of the state, as this photo from Manhattan demonstrates.

    Spencer PlattGetty Images

    Besides the timing of the expected nationwide $5.00 average, another important question is just when the price of gas will get high enough to actually drive down demand. This had appeared likely to happen after July 4 as travel slows down a bit before Labor Day. An earlier consumer pullback from driving before July 4 could push the $5.00 milestone back further.

    “No, I don’t plan to drive less, and I don’t think I’ll see less traffic,” one driver from Virginia told Autoweek. “If you look at where airline tickets are, that seems like it’s actually a worse option. And you still have to deal with rental cars. If anything, I’m going to fly less because it’s a circus there.”

    Officials in the Biden administration have signaled multiple times in recent weeks that its options are limited or non-existent at the moment when it comes to gas prices, pointing to Russia’s invasion of Ukraine. Simultaneously, the European Union’s planned implementation of a ban on 90% of Russian oil, set to go into effect later this year, is expected to push oil prices even higher as the EU looks for other sources of oil.

    President Biden is scheduled to visit Saudi Arabia in July in an attempt to convince the country to increase its oil output, which could drive oil prices down over time. But there is uncertainty over just how much this attempt, if actually successful, could lower prices for US consumers and when that relief could arrive.

    Keyword: US Gas Price Average Nears $5.00 a Gallon

    CAR'S NEWS RELATED

    Best cars for a 'Love Bug' remake

    Tennessee’s Yard Art The Thorndyke Special The Hot Rod The Hippie Van Jim’s Lamborghini Growing up, it’s safe to say my absolute favorite movie was Disney’s “The Love Bug.” As a kid living in a world before Pixar’s “Cars,” it was pretty much the best car movie. I loved ...

    View more: Best cars for a 'Love Bug' remake

    Audi timing belt tensioner prompts Utah bomb squad visit

    An aftermarket timing belt tensioner found in a Salt Lake City apartment prompted a visit from the bomb squad this week after it was mistaken for a potential explosive device. Police partially evacuated the apartment complex in which it was found “out of an abundance of caution” and called ...

    View more: Audi timing belt tensioner prompts Utah bomb squad visit

    2023 GMC Sierra HD 2500 and 3500 will get more expensive

    GMC Sierra HD pickups are about to get more expensive again after recently becoming more expensive, according to GM Authority. In July, GMC and Buick raised the prices on certain vehicles in their lineups anywhere from $975 to $1,675 by making the previously optional OnStar a standard feature. Next ...

    View more: 2023 GMC Sierra HD 2500 and 3500 will get more expensive

    Our week with EVs: Recapping the diverse collection of electric cars we tested

    Mercedes-Benz EQB First Drive Review: Next electric Benz is a little different 2022 Chevy Bolt EV Road Test Review: Time to play EV, gas or airplane 2023 Genesis GV60 Road Test Review: The third of Hyundai Group’s E-GMP EVs is the fastest, but softest It may be hard to ...

    View more: Our week with EVs: Recapping the diverse collection of electric cars we tested

    Europe car sales lowest since 1996 after 12-month decline

    BERLIN – Europe registered the lowest number of new passenger cars in the month of June this year since 1996 at just over 1.06 million vehicles, with some carmakers seeing sales drop by nearly 50%, data from Europe’s automobile association showed on Friday. Volkswagen Group was the hardest-hit major ...

    View more: Europe car sales lowest since 1996 after 12-month decline

    More Than Just A Carmaker: Toyota Motor PH Launches Toyota Mobility Solutions

    Automotive industry leader, Toyota Motor Philippines Corporation (TMP) inaugurated today Toyota Mobility Solutions Philippines, Inc. (TMSPH), a wholly owned subsidiary that will be a provider of mobility-related services. TMSPH ventures into the development and offering of a range of ‘new mobility solutions’ that will enhance Toyota as a brand ...

    View more: More Than Just A Carmaker: Toyota Motor PH Launches Toyota Mobility Solutions

    'F1 22' feels fast and familiar | Gaming Roundup

    ‘F1 22’ impressions ‘Construction Simulator’ is launching Sept. 20 Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. This week in racing game news: ‘F1 22’ impressions At its core, “F1 22,” the latest installment in the F1 ...

    View more: 'F1 22' feels fast and familiar | Gaming Roundup

    Watch a single-engine plane crash-land on 91 Freeway in California

    A single-engine Piper Cherokee airplane was forced to crash land on the 91 Freeway in California after losing power about 45 minutes outside of Los Angeles. Yes, that means this was a very busy highway, practically bursting at the seams with traffic. No, amazingly nobody died, either in the ...

    View more: Watch a single-engine plane crash-land on 91 Freeway in California

    Ford files 'Mustang Dark Horse' trademark application

    Make adventures more comfortable with high-quality Jeep grab handles

    New Lucid Air variant to debut & Stealth Look to be on display during Monetary Car Week

    Chevy offers incentives to prevent Corvette Z06 flipping

    Average U.S. gas price falls below $4/gallon

    German court: SUV driver must pay more than a car for running red light

    Australian vehicle crash tests to include underwater performance

    Toyota C-HR rumored to get revamp next year and an EV version

    Geely's electric Zeekr 009 is an EV Alphard we never had; 700 km, 542 PS, top speed 190 km/h

    A Newey, Brawn and Anderson row that shows F1 doesn’t change

    Sorry, EV buyers, you won't get to pick your own pedestrian safety sounds

    There won't be enough copper to meet climate goals, study indicates

    OTHER CAR NEWS

    ; Top List in the World https://www.pinterest.com/newstopcar/pins/
    Top Best Sushi Restaurants in SeoulTop Best Caribbean HoneymoonsTop Most Beautiful Islands in PeruTop Best Outdoor Grill BrandsTop Best Global Seafood RestaurantsTop Foods to Boost Your Immune SystemTop Best Foods to Fight HemorrhoidsTop Foods That Pack More Potassium Than a BananaTop Best Healthy Foods to Gain Weight FastTop Best Cosmetic Brands in the U.STop Best Destinations for Food Lovers in EuropeTop Best Foods High in Vitamin ATop Best Foods to Lower Your Blood SugarTop Best Things to Do in LouisianaTop Best Cities to Visit in New YorkTop Best Makeup Addresses In PennsylvaniaTop Reasons to Visit NorwayTop Most Beautiful Islands In The WorldTop Best Law Universities in the WorldTop Richest Sportsmen In The WorldTop Biggest Aquariums In The WorldTop Best Peruvian Restaurants In MiamiTop Best Road Trips From MiamiTop Best Places to Visit in MarylandTop Best Places to Visit in North CarolinaTop Best Electric Cars For KidsTop Best Swedish Brands in The USTop Best Skincare Brands in AmericaTop Best American Lipstick BrandsTop Michelin-starred Restaurants in MiamiTop Best Secluded Getaways From MiamiTop Best Things To Do On A Rainy Day In MiamiTop Most Instagrammable Places In MiamiTop Interesting Facts about FlorenceTop Facts About The First Roman Emperor - AugustusTop Best Japanese FoodsTop Most Beautiful Historical Sites in IsraelTop Best Places To Visit In Holy SeeTop Best Hawaiian IslandsTop Reasons to Visit PortugalTop Best Hotels In L.A. With Free Wi-FiTop Best Scenic Drives in MiamiTop Best Vegan Restaurants in BerlinTop Most Interesting Attractions In WalesTop Health Benefits of a Vegan DietTop Best Thai Restaurant in Las VegasTop Most Beautiful Forests in SwitzerlandTop Best Global Universities in GermanyTop Most Beautiful Lakes in GuyanaTop Best Things To Do in IdahoTop Things to Know Before Traveling to North MacedoniaTop Best German Sunglasses BrandsTop Highest Mountains In FranceTop Biggest Hydroelectric Plants in AmericaTop Best Spa Hotels in NYCTop The World's Scariest BridgeTop Largest Hotels In AmericaTop Most Famous Festivals in JordanTop Best European Restaurants in MunichTop Best Japanese Hiking Boot BrandsTop Best Universities in PolandTop Best Tips for Surfing the Web Safely and AnonymouslyTop Most Valuable Football Clubs in EuropeTop Highest Mountains In ColombiaTop Real-Life Characters of Texas RisingTop Best Beaches in GuatelamaTop Things About DR Congo You Should KnowTop Best Korean Reality & Variety ShowsTop Best RockstarsTop Most Beautiful Waterfalls in GermanyTop Best Fountain Pen Ink BrandsTop Best European Restaurants in ChicagoTop Best Fighter Jets in the WorldTop Best Three-Wheel MotorcyclesTop Most Beautiful Lakes in ManitobaTop Best Dive Sites in VenezuelaTop Best Websites For Art StudentsTop Best Japanese Instant Noodle BrandsTop Best Comedy Manhwa (Webtoons)Top Best Japanese Sunglasses BrandsTop Most Expensive Air Jordan SneakersTop Health Benefits of CucumberTop Famous Universities in SwedenTop Most Popular Films Starring Jo Jung-sukTop Interesting Facts about CougarsTop Best Hospitals for Hip Replacement in the USATop Most Expensive DefendersTop Health Benefits of GooseberriesTop Health Benefits of ParsnipsTop Best Foods and Drinks in LondonTop Health Benefits of Rosehip TeaTop Best Air Fryers for Low-fat CookingTop Most Asked Teacher Interview Questions with AnswersTop Best Shopping Malls in ZurichTop The Most Beautiful Botanical Gardens In L.A.Top Best Mexican Restaurants in Miami for Carb-loading rightTop Best Energy Companies in GermanyTop Best Garage HeatersTop Largest Banks in IrelandTop Leading Provider - Audit and Assurance In The USTop Best Jewelry Brands in IndiaTop Prettiest Streets in the UKTop Best Lakes to Visit in TunisiaTop Highest Mountains in Israel